Ann: Resignation of Director - Denise McComish, page-72

Short closing rally in action!

A solid update from MinRes.

a) RCF is still fully undrawn. Mud on the face for the idiot who was running around on twitter saying he will be surprised if this still undrawn. Here you go mate - hopefully thats bit of point to reflect on!



b) The MinRes has formally confirmed that a CR is not under consideration.

c) This realised price is CE's wet dream. The product is flying through the furnace like premium iron ore. The FID was based on much lower numbers



d) We are on track for 35MTPA by Q126 - Gnaw on that shorters

e) Haulage estimates for May and June are looking solid. 2.8MT per month = 34MTPA - so this can prove up rest of the project with the Private road ramp up lagging by 3 months and finishing Sep25. At that time the project is fully ramped up to 35MTP. I have a very strong feeling that CE wont stop at 35MTPA. This is easily 38-40MTPA without spending any money.


f) Fack dont know what happened here but the Mt Marion numbers look great. Increased guidance significantly with 2 months left in year. That never happens! NEVER


g) 1700 FTEs let go. While not a great news for people - but that is a significant cost saving at 150K per annum average per person that is 250 million dollars savings

h) Last but not the least - My best line from the conference call is when sleepy mark said he is very confident on achieving the $40 FOB cost estimates once fully ramped up. Mark doesnt use that type of assertive language usually. That is CE's job. So it has weight!

A really good update today and I think we are heading to 23$